大股东违规减持行为下中小股东权益的立法保护——以坚瑞沃能为例

 

摘　　要

随着资本市场的不断发展，越来越复杂市场环境使得中小股东权益保护的问题更加严峻。尤其是近些年来，上市公司的大股东利用自身优势地位违规减持套现，给中小股东的权益造成了巨大的损失。但现有研究主要从动机与经济后果方面讨论大股东减持套现，缺乏法律视角的分析；对于中小股东的权益保护问题主要从宏观视角出发，缺少对大股东减持套现这一特定行为下权益保护问题的探究。大股东违规减持的实质是什么？这一现象目前面临着哪些问题？在这一背景下，法律应如何完善去保护中小股东的合法权益呢？

从以上问题出发，基于现有的研究和现行法律，本文以坚瑞沃能公司大股东违规减持事件为案例，探究了该事件的发生经过和结果，得出以下结论：（1）大股东减持套现的实质是信息披露问题。（2）目前我国信息披露面临实践上和法律上的困难，包括信息披露质量不高、披露标准不够明确、违法成本较低等。此外，大股东违规减持套现也暴露出对被动减持规定不明晰、中小股东保护意识不强等问题。（3）为了保护中小股东的合法权益，相关法律应当从明确信息披露标准、弱化信息披露监管导向、明确被动减持的规定、增加违法成本和完善救济途径等方面进行。

本文的创新点在于，在大股东违规减持套现的法律后果方面进行了拓展，同时拓展了中小股东权益保护的新视角，从大股东违规减持背景考虑中小股东的权益保护问题。本文丰富了大股东违规减持套现和中小股东合法权益保护的相关研究，对法律的进一步完善有一定的意义。

关键词：大股东违规减持；中小股东权益保护；坚瑞沃能；法律视角

Abstract

With the continuous development of the capital market,more and more complex market environment makes the protection of the rights and interests of small and medium shareholders more serious. Especially in recent years,large shareholders of listed companies make use of their dominant position to reduce their holdings illegally, which has caused huge losses to the rights and interests of small and medium shareholders. However, the existing research mainly discusses the large shareholder's reduction and cashout from the motivation and economic consequences,and lacks the analysis from the legal perspective;for the protection of the rights and interests ofsmall and medium shareholders, it mainly starts from the macro perspective, and lacks the research on the protection of the rights and interests under the specific behavior of large shareholder's reduction and cash out. What is the essence of illegal reduction of large shareholders?What are the problems facing this phenomenon?In this context, how to improve the law to protect the legitimate rights and interests of small and medium shareholders?

Starting from the above problems, based on the existing research and the current law,this paper takes the illegal reduction of large shareholders of J&R Optimum Energy Company as a case, explores the process and results of the event,and draws the following conclusions: (1) the essence of the reduction of large shareholders is the problem of information disclosure. (2) At present, China's information disclosure is faced with practical and legal difficulties, including the low quality of information disclosure, the unclear disclosure standards, and the low cost of breaking the law. In addition, the illegal reduction of large shareholders also exposed some problems,such as unclear regulations on passive reduction, weak protection consciousness of small and medium shareholders. (3) In order to protect the legitimate rights and interests of small and medium-sized shareholders, the relevant laws should clarify the information disclosure standards, weaken the regulatory guidance of information disclosure,clarify the provisions of passive reduction, increase the illegal cost and improve the relief ways.

The innovation of this paper is to expand the legal consequences of large shareholders' illegal reduction and cash out, and expand the new perspective of the protection of the rights and interestsof small and medium-sized shareholders,considering the protection of the rights and interests of small and medium-sized shareholders from the background of large shareholders' illegal reduction. This paper enriches the relevant research on the illegal reduction and cash out of large shareholders and the protection of the legitimate rights and interests of small and medium shareholders, which has certain significance for the further improvement of the law.

Key words: Major shareholders' illegal reduction;protection of minority shareholders' rights and interests; J&R Optimum Energy Company; legal perspective